Senior Living: Deciding What to Do with Your Life Savings
If you have spent the majority of your adult life saving for retirement, you might then retire and realize you are not quite sure what to do with it. Should you go traveling? Slowly spread it out? Keep it for a rainy day? If you are wondering what to do with your life savings as a senior, here are some ideas to help you.
photo/Gerd Altmann
Your Home
Your home is where you spend most of your time, so it makes sense that you put a decent amount of money into it. You could renovate the house you already own, purchase a new property, help your younger family get on the property ladder, or rent a place in an assisted living community.
Old age often brings with it poor health, so it’s important to look toward the future, especially if you plan on living in a comfortable and luxurious senior community. Remember, the spaces fill up fast, so Bethesda assisted living suggests putting your name on your desired assisted living community as soon as possible.
Traveling
Most people dream of traveling when they hit their senior years, so if this is something you’ve always wanted to do, now is the time to do it. It’s a worthwhile thing to spend your life savings on, as, while it won’t put a roof over your head, it will give you experiences you’ll remember for the rest of your life. Plus, you can show your grandchildren all the pictures!
Investing
Your life savings might seem like a lot of money at first, but when you account for your living costs as well as any inheritance you may want to leave, the number might start to look a little small. One of the ways to grow your money without going back to work is to invest it. There are plenty of guides online that will help you get started, so if you want to increase your savings with investing, start with research.
Your Family
Many seniors wish to leave their families a chunk of money when they pass away. While you should also ensure you are living comfortably, it’s rarely a bad idea to put some money to the side to leave in your will.
Big Buys
Have you always wanted to buy Jaguar? What about a house by the ocean? Now is the time to purchase those big buys you’ve been dreaming about your entire life, as long as you have the money to spare. Your senior years should be about relaxing, after all, and what better way to relax than in a yacht or a cute cottage by the sea?
Further Education
Education never needs to end. Once you are no longer at work, you have the opportunity to pursue as much education as you desire, along with the money to fund it. Look into online courses, university degrees, and more to keep expanding your wisdom.
However you decide to spend your money, let your senior years be a time of fun, relaxation, and freedom.
Author: Carol Trehearn
